The hybrid tech startup investment model of South African venture builder, Founders Factory Africa (FFA), has received an additional $114 million in funding.
The Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund inside the Johnson & Johnson Foundation, made this most recent investment. It comes after prior investments made by Standard Bank, Small Foundation, and Netcare into Founders Factory Africa.
Alina Truhina, co-founder of FFA speaking on the latest funding expressed excitement, asserting that the latest investment was a new and dynamic funding, which follows on from prior investments into Founders Factory Africa from Standard Bank Group, Small Foundation, and Netcare Group.
Over 55 innovative firms on the continent have benefited from the trajectory-catalyzing effects of Founders Factory Africa since its founding in 2018. Founders Factory Africa’s hybrid investment approach, which combines financial and operational support and will help iterate its investment model even further.
“Moving Africa forward requires more of us to support tech-driven, solution-oriented ventures that have the potential to scale and make an impact at speed. Our role as FFA is to provide founders with the funding, knowledge, and hands-on venture-building support they need to achieve commercial success and create outsized, systematic impact,” said Bongani Sithole, Founders Factory Africa CEO.
The early-stage investor claims the latest funding will allow it to emphasize its approach once again by becoming sector-agnostic in its investment with entrepreneurs that place a priority on business fundamentals and will also step up efforts to address the gender imbalance in the ecosystem.
Additionally, it will increase its internal capability to keep providing its portfolio of start-ups, widen its capital investment offering to include non-dilutive capital and meet the continent’s need for various capital deployment types across the venture maturity curve.